Can Dogecoin Reach $1000?

Can Dogecoin reach 1000 dollars

The most fascinating part of Dogecoin is that the creators, Jackson Palmer and Billy Markus created the coin, just as a joke. Although they meant it to be satirical, the cryptocurrency was and is seen as an investment prospect by many active cryptocurrency investors.

The face of Dogecoin features the famous meme-dog, Shiba Inu and that was one major factor driving its popularity. Although the coin was introduced way back in 2013, it became viral in 2021 and quickly reached a market capitalization of more than $85 billion.

Not just that, it is also the shirt sponsor of the football club of Watford. Such has been the growth!

The prices of Dogecoin, although have surged, have faced constant ups and downs, the most significant of them being while Elon Musk has tweeted about it. 

Will Dogecoin Reach $ 1000?

At the time of writing, the price of Dogecoin is $0.19. Considering this, many experts believe that while Dogecoin has tremendous potential to grow, the value may never reach $1000.

They can draw these conclusions through the journeys of Bitcoin and Ethereum. Although many cryptocurrencies have entered the market, many investors and traders still consider Bitcoin as a vehicle to invest cash and multiply money due to its highly volatile nature. 

Dogecoin as of now does not have that impression among the investors. Many of them are still buying it only because it is viral and highly affordable.

Dogecoin has low transaction fees compared to Bitcoin and Ethereum but since there are 5 billion coins available every year for the miners to find, the demand vs supply graph of Dogecoin will always stay mediocre.

Compare this with Bitcoin that has a limited supply of 21 million, which at some point will be full. Then, given the limited money in the market and rising demand, one can be optimistic about the prices rising. This concept is not plausible in the case of Dogecoin because the supply is just too much!

Also Read: Will Dogecoin Ever Be Capped?

Dogecoin Price Forecast Outlook 

But despite this shortcoming, the outlook for Dogecoin is positive with expected growth in the coming years and decades. If Dogecoin has to reach $1000, its market cap has to be somewhere around $180 trillion which is incomprehensible.

To put this into perspective, the gross domestic product of the US is roughly $23 trillion and of China is roughly $15 trillion. Even if the gross domestic product of all the countries in the world is added, it would be somewhere around $90 trillion.

So, for Dogecoin to be $1000, it has to have a market capitalization of more than double the economy of the entire world, which is impossible. 

Also note that, even if cryptocurrencies are rapidly becoming popular around the world, there will always be some element of restrictions and regulations from governments around the world. It is of highly optimistic and unrealistic predictions that cryptocurrencies (since they are unregulated and decentralized) will completely replace fiat currencies. 

Final Thoughts

No, Dogecoin can not reach 1000 dollars. Digital currencies have a lot of potential but they may never be able to surpass the US Dollar for world trade and strength. There are also so many cryptocurrencies in the market, each one has its advantages and disadvantages. It is hard to predict which coin will become mainstream cryptocurrency. For Dogecoin, a more realistic expectation is that it will reach $1 over the next decade. 

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